Back to basics: Merrill Lynch.
Economist (US), The, September, 1991
Securities giant Merrill Lynch controls most of the US retail asset management market, with over $400 billion in funds. The success of such products as the Cash Management Account (CMA) has made the retail sector the largest revenue source for the firm.
HERE is an evolutionary twist for primaeval Wall Street: the "thundering herd" has reverted to being a tribe of hunter-gatherers. After a wrenching reorganisation to rid itself of the excesses of the deal-dotty 1980s, Merrill Lynch is profiting handsomely from the old-fashioned business of managing middle-class savings.
Through its 7m retail customers, Merrill controls $400 billion of assets, four times as much as a decade ago. No other American financial firm boasts anything like as much. The Prudential...
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